Ensure your loved ones receive the benefits you’ve worked for and planned for them to have by protecting your wealth and assets in a trust.
What is a trust?
A trust is an arrangement, defined by law, where your assets such as money, investments, land or buildings, are held by a third party or trustee, and are released on a specified date (eg someone turning 18) or when a specific event occurs (eg death or marriage).
Why should I have a trust?
There are a number of benefits of setting up trusts for your loved ones, including:
- Protecting family assets against care fees
- Ensuring a beneficiary is properly looked after
- Avoiding inheritance tax
There are two broad types of trusts – revocable and irrevocable trusts – both of which have differing advantages.
Revocable trusts have little tax benefits but enable the assets to be given back to the original owner – and are therefore useful for short term gains.
Irrevocable trusts permanently removes an asset from your portfolio. This provides benefits from savings on inheritance tax and provides security for your beneficiary, however they cannot be reversed so you need to be sure of your decision.
Here at Sapphire Wills we have the experience and expertise to guide you through the trust process, ensuring that we identify the right path for you, whilst securing the future of your family.